Life insurance is a valuable instrument for protecting and providing for your family in the case of your death. Because premiums rise significantly after this age and policy selections begin to dwindle, your 50s are an important time to start planning and a wonderful time to obtain life insurance. Medical exams are not required for the top life insurance policies for persons over 50. They also have reasonable prices, good customer satisfaction scores, and other useful features like riders, living benefits, and possible cash value increase. Our top selections for the finest life insurance policies for senior citizens are listed below.
Best Overall: The 7 Best Life Insurance Companies for People Over 50
- Best Overall: New York Life
- Best on a Budget: Mutual of Omaha
- AIG is for the best low-cost term.
- Guardian is for the best value.
- State Farm is the best for money back and quick service.
- Northwestern Mutual is the best option for wealth transfer.
- Transamerica is the best option for riders because it does not require a medical exam.
OVERALL WINNERS
New York Life
Why Did We Make That Decision?
For adults in their 50s, we selected New York Life as the top overall life insurance company. The AARP recommends New York Life because it pays dividends to policyholders.The Advantages and disadvantages of
Pros
- Term life options that convert
- Benefits towards a quicker death
- AARP recommends it.
Cons
- Quotes aren't given online.
- After your term ends, your premiums may increase.
Overview
New York Life Insurance Company, founded in 1845, is the country's second-largest life insurer and one of the country's oldest. As a mutual insurer, the organization has paid dividends to qualifying customers for 167 years. New York Life offers term, whole, and universal life insurance, as well as a variety of group insurance options. AARP members can also take advantage of three unique programs. With an A++ (Superior) rating, AM Best rates New York Life's financial stability as the highest attainable. New York Life offers term life insurance with a maximum issue age of 75 and conversion options, which allow you to lock in a cheap rate and then convert to a permanent policy without having to take a new medical exam. The 10-year and 20-year terms of the level Premium convertible plan are offered. For AARP members, New York Life offers a guaranteed acceptance, no-medical-exam coverage with a maximum death benefit of up to $25,000. New York Life also offers a number of riders that can help policyholders over the age of 50 get the most out of their life insurance:- Option to obtain additional coverage amounts without having to undergo a medical exam
- Benefits for living if you have a terminal illness or need long-term care
- One of the universal life plans has a money-back option that allows you to receive your money back if you decide you no longer need your insurance.
Mutual of Omaha is the best on a budget.
Why Did We Pick It?
Mutual of Omaha is a wonderful option for life insurance if you're on a tight budget. Customers can choose from a range of policy types and riders, all of which are reasonably priced.Advantages and disadvantages
Pros
- Program of Mutual Benefits
- A no-medical-examination policy was available for up to 85 days.
- Policy ideas that are affordable
Cons
- Options for full life insurance are limited.
Overview
Mutual of Omaha, which was formed in 1909, has an A+ (Superior) rating from AM Best for both customer satisfaction and financial soundness. For customers over the age of 50, Mutual of Omaha offers a variety of life insurance plans, including level premium, convertible term, and whole life, with the simplified issue and no medical exam choices. The term life policy has issues with ages ranging from 18 to 80, with 10-, 15-, 20-, and 30-year periods available. Up until the age of 95, policies can be renewed at the conclusion of the term and on an annual basis. This, however, means that when the term finishes, your price may increase every year. Mutual of Omaha also offers three universal life alternatives, one of which carries a 2% guaranteed interest rate on the cash value and another that protects policyholders from market losses. Mutual of Omaha provides to riders include:- Premium waiver for those with a disability income
- Unemployment insurance premiums waived
- If your home is damaged to the tune of $25,000 or more, you will be eligible for a six-month premium waiver.
AIG IS THE LOWEST OVERALL COST
Why Did We Make That Decision?
AIG is an excellent choice if you're seeking low-cost term life insurance. This organization offers term life insurance coverage for up to 35 years at a reasonable price.The Advantages and disadvantages of
Pros
- Limits in the long run
- Riders who value their quality of life
Cons
- Customer feedback was a mixed bag.
- There isn't an option for an online quote.
Overview
AIG is a global insurance firm with an AM Best financial stability rating of A. It was formed in 1919. (Superior). AIG provides living benefits for the term, guaranteed whole life, and universal life insurance. There are 18 term options available, all of which are renewable (up to 95 years old) or convertible. The 35-year term is the longest of any of the companies we looked at. Here are some quick facts about AIG's over-50 policy options:- Living benefits are included in the QoL Flex Term policy.
- The Select-a-Term plan has level premiums for the term and is renewable after that.
- Some AIG policies allow you to convert your insurance to universal life without having to take another medical exam.
- A guaranteed-issue whole-life policy (issue ages 50 to 85), survivorship life, and universal life insurance alternatives with living benefits such as long-term care are also available.
- The Quality of Life (QoL) series of riders is an important component of AIG plans, allowing you to obtain a portion of the death benefit if you are diagnosed with a chronic disease, critical illness, or terminal illness.
- Before confirming coverage, you may be required to undergo a medical exam or submit a medical questionnaire.
THE BEST VALUE
Guardian
Why Did We Choose It?
We chose Guardian Life Insurance because it offers customers a better deal. Unlike some other insurance companies, Guardian Insurance provides dividends to policyholders while offering a wide range of life insurance products.Benefits and Drawbacks
Pros
- Quotes are available via the internet.
- Dividends may be paid to policyholders.
Cons
- Term life insurance options are limited.
- A medical examination can be required.
Overview
Guardian Life, which was founded in 1860, has received AM Best's highest financial stability rating, A++ (Superior). Guardian is also a mutual insurance firm, which means that eligible whole-life policyholders receive dividends. This function may provide you with additional funds that you would not otherwise receive from non-dividend-paying insurers. Guardian Life Insurance Company offers both term and permanent life insurance but no guaranteed issue plans. The term life insurance policy is available for people up to the age of 75. The following are included in the coverage of a whole life insurance policy:- Payment options are either unlimited or limited.
- Up to the age of 100 or 121, there is a death benefit and guaranteed monetary value.
- Premium alternatives with a guaranteed level of service are available.
BEST FOR RETURN ON INVESTMENT AND FAST SERVICE
State Farm Insurance
Why Did We Pick It?
State Farm is an excellent choice for a life insurance coverage that provides prompt service. They also offer a Return of Premium option, which allows consumers to get their money back if they outlast the term.Advantages and disadvantages
Pros
- Premium plan option reintroduced.
- Customer satisfaction is high.
Cons
- State-specific plans may exist.
- A medical exam may be necessary for some plans.
Overview
State Farm was founded in 1922 and has since grown to become one of the largest insurance companies in the United States. It is rated A++ (Superior) by AM Best for financial strength. State Farm received the highest ranking of first place in the J.D. Power 2020 Life Insurance Study. State Farm offers a variety of term life insurance policies, including a 20-year Return of Premium plan for issues ages up to 60. The Return of Premium plan is the only term life insurance policy we found that allows policyholders to borrow against their term life policy's death benefit amount, in addition to the potential of a return of Premium if you survive the term. State Farm also offers a final expense policy for people between the ages of 50 and 80, as well as whole life insurance with limited pay or single premium alternatives. Up to the age of 80, a single premium is offered. Ten, fifteen, or twenty years are the only salary possibilities. There are other universal life policies, including a combined universal life option that covers two people on one insurance and pays out if one of them dies first (unlike survivorship life, which only pays when both insureds die). State Farm's riders include:- Riders with a spouse or children
- Riders with disabilities are exempt from paying the charge (up to age 60)
- Rider for accelerated death benefits
THE MOST EFFECTIVE FOR WEALTH TRANSFER
Northwestern Mutual
Why Did We Pick It?
Northwestern Mutual is a wonderful choice for a life insurance policy if you want to leave a legacy for loved ones and transfer your fortune to them after you die. Beneficiaries of this insurer's plans will get a tax-free lump sum death benefit payout.Advantages & Disadvantages
Pros
- Ideal for asset transfer and estate planning.
- Estimator for insurance policies
Cons
- An examination by a physician may be necessary.
- It can take a long time to apply.
Overview
Northwestern Mutual Life Insurance Company, which was founded in 1859, distributes dividends to policyholders who are eligible. AM Best has given the company an A++ (Superior) financial strength rating. Northwestern Mutual offers at least four types of insurance: term, whole, universal, and a blended life policy that is unique to this company. Individual plans and survivor life plans are both possible. Northwestern Mutual has solutions for you, whether you want to buy life insurance to pay estate taxes or leave a legacy. The Single Premium universal life policy, for example, allows you to put a lump sum into a permanent life policy to offer a tax-free lump sum death benefit payout to your beneficiary. Term insurance is offered with fixed rates for 10, 20, or even 80 years on convertible plans that may allow you to receive dividends, which is unusual. The whole life policy provides a death benefit and the option to develop assured cash values with level premiums up until the age of 65 or 90. Whole Life Plus is a term and whole life insurance policy with accelerated benefits and disability waivers. In addition to living perks, Northwestern offers a variety of riders, some of which are particularly appealing to consumers over the age of 50:- Disability premium waivers are only provided for issues ages up to 59, and coverage is only offered to those 60 years of age or 65 in limited conditions.
- If you've been diagnosed with a terminal illness and have less than six months to live, the Early Payment Benefit permits you to get your death benefit sooner.
BEST FOR RIDERS WITHOUT A MEDICAL EXAMINATION
Transamerica
Why Did We Pick It?
Transamerica is a fantastic option if you want to get life insurance without having to do a physical exam. They also offer a wide range of riders and add-on coverage so that you may tailor your policy to your specific needs.Advantages and disadvantages
Pros
- Some insurance does not need a medical exam.
- Children's and grandchildren's benefits riders
Cons
- Customer service is below par.
- Prices on the average
Overview
Transamerica was created in 1904 and began as a bank, but in 1930 it moved its concentration to insurance. Transamerica's financial strength is rated A by AM Best (Excellent). Transamerica offers 10-to-30-year term life insurance (in 5-year increments), with coverage amounts ranging from $25,000 to $10,000,000. A medical questionnaire or examination determines acceptance of term and whole life insurance policies. Term plans might provide living benefits or conversion alternatives with no further medical screening. Transamerica also offers whole life and universal life insurance with fixed or variable premiums, no-lapse guarantees, death benefits, and tax-deferred cash values that you can borrow or use to pay premiums. Transamerica offers three different final-expense policies:- Solution Right Away
- The Ten-Pay Solution
- Simple Solution (this plan has a graded death benefit)
- A benefit rider for children and grandkids
- Rider combining an accelerated death benefit and a nursing home benefit
- Premium rider waiver (for disability)
- If you've been disabled for more than two years, you can get a monthly disability income rider.
- If you live to the end of your policy's 20- or 30-year term, you'll get your qualified premiums back.
The Final Word
There are a variety of life insurance policies to choose from, ranging from simple term life insurance to whole and universal life insurance policies that continue as long as you do. It's critical to choose a life insurance plan that suits your budget and fulfills your changing demands while you're in your 50s. New York Life is our top recommendation for life insurance coverage for anyone over 50. New York Life offers flexible, affordable life insurance products for older Americans. You can be confident that the company is stable and secure if it has an A++ rating from AM Best. In addition, New York Life offers ten alternative life insurance plans that do not require a medical exam.What Makes Life Insurance Unique? Are you over the age of 50?
You may not have the same financial commitments as you did when you were younger when you're over 50, but you still need to be financially aware as you plan for retirement, but older children through college, pay off a mortgage, or think about wealth transfer. There are a variety of policies that can assist you with these requirements. You can still qualify for term life plans with level premiums up to 30- or 35-year terms if you are 50 years old. Whole life policies (which may pay dividends) and universal life plans with investment possibilities are also available.Tips and Questions to Ask When Buying Life Insurance When You're Over 50
When searching for life insurance over 50, here is a fast list of recommendations and questions to assist you in understanding the coverage possibilities for the life insurance plans you're comparing. Confirm the maximum conversion date and whether or not a medical exam is required in any term life policy you buy. Inquire about the age restrictions on the riders you're considering: Is there a limit to the rider's age? Some disability riders, for example, may only be eligible until they reach the age of 60. In the first two years, inquire about any exclusions or limitations. If you're buying a survivorship life insurance policy, find out what benefits are available to the survivor and whether there are any special riders available for acquiring more coverage after the first person has died. Inquire about cash values and whether they are guaranteed for entire or universal life. Inquire about how borrowing from the policy affects the death benefit and whether you must repay it. Ask your benefits advisor if your life insurance from work is convertible or portable once you retire, and receive a sample of the rates you can expect at age 65 if you plan on keeping it.What is the Life Insurance Maximum Age?
Many insurance companies will sell you life insurance until you're 90 years old, but the prices start to skyrocket once you're in your 50s. You can still obtain life insurance once you're in your mid-50s or 60s, but many firms limit the policies you can buy and raise the price.What Is Covered by AARP Life Insurance?
Although the AARP's life insurance plans are limited in scope, they may be useful if you only require final expense coverage or have medical difficulties and would prefer to forgo a medical test. New York Life's AARP insurance coverage is accessible to members aged 50 to 80. There are three policy options available in the program: A no-medical-exam level-benefit term life insurance plan with up to $50,000 in coverage. A perpetual life insurance policy with coverage up to $50,000, guaranteed rates, and streamlined underwriting (no medical exam, but acceptance based on answers to health questions) A guaranteed acceptance life insurance policy is a whole life policy with no health inquiries, up to $25,000 in coverage, and guaranteed prices.What is the Process of Renewable Coverage?
Renewable term life insurance is a type of life insurance that provides a death benefit for a specified premium and for a specific period of time. People get this type of policy when they only need coverage for a short period of time. Although coverage is inexpensive, it is not a viable long-term plan. The cost of a renewable term plan will be determined by your health status and age at the time of renewal. When you renew your coverage each year, your costs will rise.How Did We Pick the Best Life Insurance Companies for Seniors?
In our evaluations of the best life insurance companies for 2021, we looked into over 25 businesses. We evaluated financial stability ratings, company histories, customer satisfaction reports, internet reviews, and complaint records, as well as the BBB and the NAIC, as part of this procedure. For the best over-50 life insurance, we examined the policy options and riders offered by the top-ranked insurers that offer coverage for persons over the age of 50 to identify the ones that offer the greatest benefits, flexibility, and cost.